19. Any sale or transfer of a controlling interest in a residential mortgage lender or residential mortgage broker applicant’s or licensee’s business shall be approved by the commissioner prior to the transfer or sale, after the applicant or business licensee has provided an application which contains a written notice of the proposed sale or transfer to the commissioner. The application shall list each officer, director, partner or owner to receive a controlling interest as a result of the transfer or sale, and each shall be subject to a criminal history record background check as set forth in subsection b. of section 6 of this act as a condition for the commissioner’s approval of the transfer or sale. The commissioner shall approve the transfer or sale unless the commissioner determines, following an opportunity for a hearing, that sufficient grounds exist to deny, revoke or suspend the residential mortgage lender’s or broker’s license. The sale or transfer shall be deemed approved if the commissioner does not deny a completed application within 90 days after its receipt.

L.2009, c.53, s.19.